BABYLON CHAIN x SEI NETWORK
Babylon is utilizing Bitcoin Security measures to keep Seinetwork transactions safe.
TL:DR
1. Proof-of-Stake networks are susceptible to long-range attacks, which is why an unbonding period has been established. During this set amount of time, users are not allowed to transfer or sell their tokens.
2. Through Babylon Chain, Sei can enjoy shorter unbonding periods, offering competitive advantages in terms of censorship-resistance and transaction stability through slow finality.
3. Babylon Chain provides a secure way for proof-of-stake networks to access data from past Bitcoin blocks, acting as an intermediary to record block checkpoints on the Bitcoin blockchain.
As Seinetwork is preparing for their mainnet launch which has been announced to go live in Q2 of 2023, their ecosystem is secured and made safe by the use of Babylon Technologies thus providing censorship-resistance and transaction stability through their state of the art blockchain.
Babylon stands apart from the Cosmos ecosystem in its approach to security, as it records the checkpoints of proof-of-stake networks on the Bitcoin network, which is assessed as having the highest level of security, so that they can prepare for long-range attacks.
To guarantee additional protection, Babylon collects block headers from chains utilizing its services and stores them on the Bitcoin blockchain. This acts as a supplementary measure of security, albeit with slower block times than most other Cosmos chains; however, it can be advantageous for larger transactions that require confirmation of their completion.
Moreover, by employing Babylon’s services, Seinetwork chains may not need to spend as much money on their own networks’ security given this extra layer of defense, which typically kicks in between 10 minutes and an hour later. Furthermore, they will receive payment in two tokens: native tokens from using chains as well as Babylon’s native token.
Babylon with their interaction with IBC (Inter-Blockchain Communication), an initiative that helps Cosmos blockchains talk and trade assets, is aiming for hundreds of Sei users to utilize its service — which only requires two Bitcoin transactions for all users. The project itself is secured by validators who are rewarded with native tokens from both the native chain and Babylon’s token.
The Bitcoin network has established its reputation as the most reliable peer-to-peer digital currency system, thanks to its strong hash rate which enables it to securely determine time order. The Babylon Chain is able to ingeniously utilize the Bitcoin network as a secure timestamp server for storing checkpoints, instead of utilizing it just for fund transfers.
Website: http://seinetwork.io
Twitter: @SeiNetwork
Medium: https://medium.com/@SeiNetwork
Discord: https://discord.com/invite/sei
Telegram: https://t.me/seinetwork
